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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Market
Disadvantages: The private companies are working for the most profit they can make. Due to this, they care very less about who they are affecting by their business decisions and strive to make the most money they can.
Advantages: Businesses try to make as much money as they can by attracting the most consumers as they can. Because they are trying to compete with other companies over customers, their prices usually are driven pretty low by the competition.
Description: Private companies and consumers control all sources of wealth. The government has very little control over financial freedom of private individuals.
Decisions: Decisions are almost all made by consumers or companies. Government interference is minimal.
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Command
Advantages: The government can dedicate almost all resources to advancements, such as building nuclear weapons.
Disadvantages: The government decisions may not be the best for everyone. Mismanagement can be a real issue. For example, the government may budget too much money to the military that the rest of the nations doesn't even receive the basic needs of the population.
Description: The government controls all sources of wealth. Citizens have little or no financial freedom.
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Mixed
Disadvantages: The government usually has trouble balancing out the control over businesses and consumer product quality, usually favouring one over another, which can result in damaging the economy.
Advantages: The government helps make or encourages companies and businesses to make decisions that protect consumers. These governments have usually worked out a way to balance control, and the economy improves.
Description: Private companies and consumers usually can make most of the financial decisions. However, the government sets some restraints against some types of businesses, usually to prevent them from doing harm like dumping chemicals in water supplies.
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Economic Sectors
Primary:
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Secondary:
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Tertiary
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Quaternary:
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Development: These types of jobs are almost impossible to find in primary sector countries and uncommonly found in secondary sector countries and tertiary countries. Only a few countries have an amount of quaternary jobs, such as the united states.